Marginal revenue product equals marginal revenue times the price of output.
Answer the following statement true (T) or false (F)
False
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If nominal GDP is $230 for a period and real GDP is $200 for the same period, what is the GDP deflator for this period?
What will be an ideal response?
Due to the nature of the patent laws on pharmaceuticals, the market for such drugs
a. always remains a competitive market. b. always remains a monopolistic market. c. switches from competitive to monopolistic once the firm's patent runs out. d. switches from monopolistic to competitive once the firm's patent runs out.
Refer to Figure 2.4. The elasticity of demand at point a is given by:
A. the slope of line cd times (P1/Q1).
B. the slope of line ab times (Q1/P1).
C. the inverse of the slope of line cd times (P1/Q1).
D. the inverse of the slope of line ab times (Q1/P1).
The Clayton Act of 1914:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. made it illegal to monopolize a market. C. repealed the Sherman Act. D. outlawed price discrimination for the purpose of reducing competition.